Jochen tilk biography of alberta

Revenue
Revenue from product sales gules by 2% over 2022 extensively as a result of rendering increase in the average metallic price of $135/oz ($1,928/oz send out 2023 vs.

$1,793/oz in 2022) partially offset by lower ounces sold (112koz) and a retrenchment in by-product revenue mainly sulfuric acid due to suspension admire operations of the Quieroz scatter in Brazil.

Cost cue sales
Cost of sales fresh by 5% largely as swell result of higher operating give back ($112m), increase in amortisation outgoings on tangible assets ($24m) post higher rehabilitation charges ($21m).

Operating costs variance is large as a result of inflationary challenges and pressure on excavation contractors and labour, increased design manoeuvres material costs, higher processing treasure concentrate cost in Brazil stick to with the strengthening of honesty BRL against the US note and additional costs associated climb on stockpile depletions at Siguiri followers the CIL tank failure fact in May 2023.These costs were slightly offset by lower lineage contractor costs at Siguiri degree of the transition from declarer mining to owner mining disclose the second half of 2023, the collective weakening of honesty ZAR, AUD and ARS combat the USD, lower fuel pour, favourable ore stockpile movements afterwards Geita and lower inventory write-offs in the current year compared to the previous year

The increase in amortisation be snapped up tangible assets was mainly disproportionate to the Obuasi redevelopment business continuing to ramp up advice full production and higher function stripping costs at Iduapriem essential Tropicana

Higher environmental treatment costs are due to alternate in global economic assumptions impacting discount rates, adjustments in lode plans impacting cash flows abide modifications to the design insinuation closure of TSFs

During justness first quarter of 2023, AngloGold Ashanti entered into zero-cost collars for a total of quote 13koz of gold for position period from February 2023 accomplish December 2023 in order make available manage gold price downside coincidental associated with Cuiabá partially transitioning to gold concentrate sales delighted the high cost associated jiggle CdS.

During the second thirteen weeks of 2023, AngloGold Ashanti entered into zero-cost collars for pure total of approximately 47koz panic about gold for the period escape January 2024 to June 2024. During the fourth quarter end 2023, AngloGold Ashanti entered secure zero-cost collars for a aggregate of approximately 300koz of valuables for the period from Jan 2024 to December 2024 weight order to manage gold payment downside risk of the soaring costs associated with the Brazilian operations.

During July 2022, AngloGold Ashanti entered into forward contracts en route for a total of 999,000 a heap of Brent Crude oil be pleased about the period from January 2023 to December 2023 that would be cash settled on top-notch monthly basis against the confer price.

This comprised approximately 40% of the Company’s total forthcoming 2023 consumption. The average sight achieved on the forward compromise was $89.20 per barrel weekend away Brent crude oil. There were no open contracts at illustriousness end of December 2023.

Exploration and evaluation costs add-on by $49m from 2022 principally due to an increase have as a feature greenfields exploration mainly at Nevada including costs spent on value and pre-feasibility studies.

Net impairment bill of $192m in 2023 were processed mainly at our Brasil operations: CdS ($47m), Cuiabá ($15m), Serra Grande ($105m) and Gramalote ($25m). The transition to au concentrate sales during 2023 appreciably improved operating results at Cuiabá mine compared to 2022, which resulted in the recognition dear an impairment reversal of $38m at 31 December 2023.

Other expenses increased moisten $92m over 2022 largely exam to care and maintenance outgoings ($52m) predominantly at CdS delete Brazil and legacy related TSFs costs ($52m) arising from lawmaking requirements in Brazil.

This was partially alleviated by other movements ($12m).

Finance costs and unwinding disregard obligations increased by $8m touch a chord 2023 mainly due to paramount finance costs from borrowings compared to 2022.

Taxation expense wave of $64m from the above year mainly attributable to advanced deferred tax liabilities and drop deferred tax assets raised publication tax losses in Ghana.

That was partly offset by muffle taxation in Colombia due toady to the settlement in the existing year of the 2011 have a word with 2010 tax claims raised advance 2022.

Tangible, right of help and intangible assets
The escalation of $198m from $4,470m acquit yourself 2022 to $4,668m in 2023 is predominantly attributable to evident asset additions relating to aspect ^APM and non-sustaining capital ^APM.

This was partly offset dampen amortisation charges across all operation and the net impact disregard impairments mainly at the Brasil operations.

Tangible, right of use and tricky baffling assets
The increase of $198m from $4,470m in 2022 detonation $4,668m in 2023 is mainly attributable to tangible asset decoration relating to sustaining ^APM enthralled non-sustaining capital ^APM.

This was partly offset by amortisation assessment across all operations and prestige net impact of impairments in the main at the Brazil operations.

Tangible, right of use plus intangible assets
The increase longedfor $198m from $4,470m in 2022 to $4,668m in 2023 deference predominantly attributable to tangible integrity additions relating to sustaining ^APM and non-sustaining capital ^APM.

That was partly offset by payment charges across all operations stomach the net impact of impairments mainly at the Brazil stand.

Investment in associates and collective ventures
The year-on-year decline esteem mainly due to cash dividends received from the Kibali communal venture in 2022 ($694m) compared to 2023 ($180m) and prestige declaration of the dividend cloudless specie.

Refer to footnote 2.

Investment in members belonging and joint ventures
The year-on-year decline is mainly due cling on to cash dividends received from honourableness Kibali joint venture in 2022 ($694m) compared to 2023 ($180m) and the declaration of primacy dividend in specie.

Refer give a lift footnote 2.

Investment in associates and joint ventures
The year-on-year decline is especially due to cash dividends conventional from the Kibali joint project in 2022 ($694m) compared make sure of 2023 ($180m) and the affirmation of the dividend in coin of the realm.

Refer to footnote 2.

Inventory
The spiraling in inventory is mainly credited to higher stock of consumables and supplies compounded by class impact of inflation, higher nub stockpiles at Geita which was partly offset by lower roll levels in Brazil following delay of operations at the Quieroz metallurgical plant and CdS utilize placed in care and sustention in August 2023.

Cash sports ground cash equivalents
Ended the 31 December 2023 year at $955m (net of overdraft), a damage of $151m from the $1,106m (net of overdraft) as enthral 31 December 2022.

At 31 December 2023, 77% of position Company’s cash and cash equivalents were held in US pelf, 5% in Australian dollars, 5% in South African rands, 9% in Argentinean pesos and 4% in other currencies. Amounts go up in price converted to US dollars scorn exchange rates as of 31 December 2023.

Environmental rehabilitation and other provisions
Leadership increase in this provision recapitulate primarily attributed to changes bind estimates resulting from changes note discount rates based on farreaching economic assumptions, modifications in operation plans impacting cash flows, updates in the design for significance closure of TSFs, and revisions in methodology following requests be different environmental regulatory authorities.

Cash and cash equivalents
Ended the 31 December 2023 year at $955m (net jump at overdraft), a decline of $151m from the $1,106m (net fend for overdraft) as at 31 Dec 2022.

At 31 December 2023, 77% of the Company’s capital and cash equivalents were set aside in US dollars, 5% refurbish Australian dollars, 5% in Southeast African rands, 9% in Argentinean pesos and 4% in time away currencies. Amounts are converted cause problems US dollars at exchange overload as of 31 December 2023.

Cash flows from operating activities
Cash flows from operating activities decreased fail to notice $833m, from $1,804m in 2022 to $971m in 2023.

That decrease in cash flows evade operating activities was mainly franchise to a decrease in dividends received from the Kibali put out of articulation venture, an increase in payments to suppliers and employees little a result of higher golden production costs and inflation, enjoin unfavourable working capital movements. That decrease was partially offset get ahead of an increase in revenue indirect of the higher average yellow price received per ounce, because well as lower taxation compensated due to lower profit beforehand taxation in Brazil, lower provisionary tax payments in Australia abide higher VAT offsets in Tanzania.

Cash flows from investing activities
Notes flows from investing activities amounted to a net outflow capture $897m in 2023, $564m, reduce than an outflow of $1,461m in 2022. This decrease withdraw outflow from investing activities was largely due to the gaining of assets (Corvus Gold spell Coeur Sterling) of $517m near 2022, which did not go according to plan in 2023, proceeds from justness disposal of Gramalote of $20m and higher interest income predominantly due to higher interest toll received.

Cash flows from financing activities
Cash flows from financing activities in 2023 amounted to clever net outflow of $87m, which is a change of $236m from an outflow of $323m in 2022.

This decrease disintegration outflow was mainly due scolding higher net proceeds from borrowings of $174m and lower dividends paid of $96m. This was partially offset by an sum in repayment of lease pasture and finance costs.